Incompetent people are the ones who get all the promotions. Any self-respecting bank would make sure something like this never happened, or if it did, that it is immediately corrected. But not here. It keeps happening here over and over again. And yes, I'm bitter. But who wouldn't be?
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You mean three 1% cuts. Those aren’t significant layoffs. Nothing like the 10% cuts every year from 2000 Y2K market crash to 2008 and Obama toxic assets crisis after the Clintons changed the requirements of a conforming mortgage and people started getting mortgages without income. Now THOSE were significant layoffs.
This is naive, there is plenty of gamesmanship when it comes to promotional management decisions. among the forced standard deviation bell curves for improvement, stack ranking around RIFs, and tiny pools for promotions, it's actually impossible for managers and EC to have a meritocracy.
Today managers were given a 10% minimum to evaluate as a combination of partial/meets or partial partial.
not everyone is rockstars, but after 3 cuts this year, expecting a standard deviation of performance when PIPs and low performers were some of the first to go is insane.
moral of the story, incompetence slips through the cracks, sometimes it goes higher than you'd like it to.
I am pretty sure there are a certain number of people that have 9 lives here. Every time there's a layoff, they narrowly dodge the cut. I've even seen people that were deemed redundant because of re-org, but management essentially created a new role for them. One example was right around COVID in March 2020, we had a new a director in Finance, who pretty much did that job for 9 months, accomplished nothing, moved to another role, again nothing, and later on they created a new role for her. I left earlier this year so not sure if she's still there, for a company that frequently lays people off, we sure do keep a lot of dead weight.
Welcome aboard speedy.
This is old news.